Journal Entry Posting Logs for Asset Item Splits
When you run split processing in Transfer/Split Processing in the Asset Management application, a journal entry posting log is automatically created for the split.
You can view and/or print the posting log in . You can find the posting log for a specific split on the Posting Logs form by looking for the posting sequence number in the Seq column in the posting log list that was identified on the last dialog box that displayed when you processed the split. In the Comments column in the posting log list, you see the words "Split GL Book Processing" or "Split Additional Book Processing" and the transaction date that you entered for the split on the Transfer/Split Processing form.
Possible general ledger accounts for your GL book that are affected by the split are the asset account and accumulated depreciation account associated with an asset item. The asset account and amount for an asset item are displayed in the Acquisition Cost grid on the GL Cost tab in the Equipment Info Center. Any accumulated depreciation is displayed on the History tab in Asset Review in the Asset Management application.
If you have additional books set up for depreciation in addition to your GL book, both types of books are processed when you split an asset item. Transactions are posted to general ledger accounts for your GL book, but no general ledger entries are made for additional books for splits.
One or Two Journal Entry Posting Logs
One journal entry posting log is created when you split an asset item unless the following scenario applies, and then two journal entry posting logs are created: You have additional books set up for an asset item on the Additional Books tab in the Equipment Info Center, and the asset item already has accumulated depreciation for your GL book and the additional books.
When one journal entry posting log is created for a split, you see Split GL Book Processing in the Comments column in the posting log list in . The posting log includes information for your GL book and any additional books if you have them.When two journal entry posting logs are created for a split, one is for your GL book and the other for your additional books. In the Comments column in the posting log list in you see the following for each log: Split GL Book Processing and Split Additional Book Processing.
Sections of the Journal Entry Posting Logs
Journal entry posting logs have the following sections:
- A section that shows you the acquisition cost amounts that were moved from the source asset item to the receiving asset items for your GL book and any additional books you have.
- A General Ledger Posting Summary section that shows you the asset accounts that were debited and credited for the cost amounts and any accumulated depreciation amounts debited and credited.
If You Do Not Use Organizations in Vision
If you do not use organizations in Vision, on the journal entry posting log, you will see the debits and credits for the split posted to your general ledger accounts for your GL book, but the end result is no change to the balance in these accounts.
If You Use Organizations in Vision
If you use organizations in Vision and do not maintain separate balance sheets, you will see the debits and credits for the split posted to your general ledger accounts for your GL book, but the end result is no change to the balance in these accounts.
If you use organizations in Vision and maintain separate balance sheets: When you split an asset item and the source and receiving asset items are within the same organization, you will see the debits and credits for the split posted to your general ledger accounts, but the end result is no change to the balance in these accounts.
The organization at the lowest level of the work breakdown structure (for example, the task) is used to determine the project's organization.
If you use organizations in Vision and maintain separate balance sheets: When you split an asset item and the source and receiving asset items are from different organizations, you will see the debits and credits for the split posted to your general ledger accounts on the journal ledger posting log as follows:
| Asset Account | Debit | Credit |
|---|---|---|
| Asset Account for the organization of the receiving asset items | X | |
| Asset Account for the organization of the source asset item | X |
If the asset item being split has an accumulated depreciation amount (depreciation has been processed for it), the following accumulated depreciation accounts are debited and credited:
| Accumulated Depreciation Account | Debit | Credit |
|---|---|---|
| Accumulated depreciation account for the organization of the source asset item | X | |
| Accumulated depreciation account for the organization of the receiving asset items | X |